Cheltenham is an established retail centre, lying approximately 99 miles to the west of London and midway between Bristol and Birmingham adjacent to junction 11 of the M5 motorway with dual carriageway access to London via the A417/419 and M4 motorway. Railway services are to London Paddington (2 hours 10 mins). The towns population is 115,000 people (source Office for National Statistics 2010). The town hosts several major international festivals for literature, science, music and national hunt racing.
The premises are situated in Albion Street to the North of the High Street on Cheltenham’s Inner Ring Road, opposite Marks & Spencer and close to the junctions of Pittville Street and Winchcombe Street, which link through to the High Street.
The Coliseum is an award winning building constructed in 2012, providing a ground floor office unit and under-croft covered parking facility with fourteen residential apartments above.
The ground floor office unit measures to an approximate Net Internal Area of 1,436 sq ft (133.4 sq m) and has a significant display window, having an extensive frontage of over 43 feet.
The fourteen upper floor residential apartments have been sold off on 125 year long-leasehold interests, with each apartment paying a annual ground rent to the freeholder.
The ground floor office unit is subject to an existing lease to Pearson Professional Assessments Ltd (company number: 04904325), for a term of ten years from 3rd January 2020, on effectively full repairing and insuring terms by way of a service charge provision. The Tenant has a break option at 30th October 2020, operable on providing not less than six months prior written notice.
The rent passing is £21,500 per annum exclusive and there is an upward only rent review on 11th March 2025, linked to the higher of Open Market Value or Retail Price Index.
The lease is excluded from the security of tenure provisions of the Landlord & Tenant Act 1954 Part II.
The fourteen residential apartments pay an annual peppercorn ground rent to the freeholder of £150. The ground rent doubles every twenty five years.
The Vendor proposes to dispose of the freehold interest on an unconditional basis and subject to the existing Leases. Subject to certain criteria being met, the transaction could be dealt with as a Transfer of a business as a going concern (togc), which would be a transaction exempt of VAT.
Proposals are invited in the region of £350,000 for our client’s freehold interest. A purchase at this level reflects an Net Initial Yield of 6.54%, after allowing for purchaser’s costs.
It is understood that the property is elected for VAT.
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